Plan for the Extra Cost: Increased Prop W Transfer Tax is in Effect

As we previously reported, on November 8, 2016, the voters of the City and County of San Francisco passed Proposition W (Real Estate Transfer Tax on Properties Over $5 Million) increasing real property transfer taxes. Effective December 27, 2016, the Real Property Transfer Tax is raised as follows:

From the current rate of 2% to 2.25% for properties with a value or consideration of at least $5,000,000 and less than $10,000,000;
From the current rate of 2.50% to 2.75% for properties with a value or consideration of at least $10,000,000 and less than $25,000,000; and
From the current rate of 2.50% to 3% for properties with a value or consideration of at least $25,000,000 or more.